KIEV, Aug. 11 - Naftogaz Ukrayiny has announced its intention to use a loan of up to $300 million from the European Bank for Reconstruction and Development for natural gas purchases.

"The proposed project has a total estimated cost of up to $300 million, provides for the acquisition of natural gas for supplies to Ukraine through connecting pipelines with the European Union," reads the report.

Naftogaz expects that a prequalification selection for contracts will begin in the third quarter of 2015.